What was kingstons net income for the year? Kingston Enterprises issued stock toJames Kingston in exchange for hisinvestment of $65,000 cash in thebusiness. The company recorded revenuesof $600,000 and expenses of $470,000,and the company paid dividends of$35,000.What was Kingston's net income for theyear?

Explanation of Net Income:Net income is the profit a company earns after deducting all operating…

Answered: Kingston Enterprises issued stock to…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 7GI

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Kingston Enterprises issued stock to James Kingston in exchange for his investment of $65,000 cash in the business. The company recorded revenues of $600,000 and expenses of $470,000, and the company paid dividends of $35,000. What was Kingston's net income for the year?